HomeMy WebLinkAboutContract 44064 (2)After tlECRETARY
CONT CT MO0
TERM SHEET REGARDING USE OF
EVENTS FUNDS FROM THE STATE OF TEXAS
UNDER TEX. REV. CIv. STAT. ART. 5190.14 § .5C
1. Parties to and Term of the Agreement.
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.
This term sheet shall serve as the basis for development of a Trust Fund Event Support Contract
("Agreement") between the City of Fort Worth ("City") and the Ranch Sorting National
Championships .The Agreement shall be effective as of the data that it has been executed by a
duly authorized representative of both the City and the Ranch Sorting National Championships
and shall expire on December 31, 2013 (the "Tenn"). The Agreement, once executed by both
parties and approved by the City, shall be a legally binding obligation of the parties. This term
sheet, however, does not legally obligate either party to execute the Agreement.
2. Application and Funding of Event Trust Fund.
In return for Ranch Sorting National Championship's hosting of an Event, as defined in Section 3
hereof, the City will apply to the Comptroller of the State of Texas (the "Comptroller") for the
creation of an Events Trust Fund (an "ETF") for the Event under the provision of Texas Revised
Civil Statutes, Article 5190.14 § 5C (the "Act"). In accordance with the .Agreement, the City will
contribute an amount equivalent to the incremental tax increase that the Comptroller determines
the City will receive on the account of the Event for partial funding of the ETF, which funding is
intended to trigger the State of Texas contribution to the ETF(s) under the terms of the Act.
3. Scone of Agreement.
The Ranch Sorting National Championships will use commercially reasonable efforts to host The
Ranch Sorting National Championship (the "Event"), at the Will Rogers Memorial Center located
at 3401 W. Lancaster Avenue, Fort Worth, Texas 76017, during the Term of the Agreement.
4. Distribution of Funds.
The City shall be responsible for distributing the Total Fund Amount to reimburse the City and
Company for actual expenses related to the Event, as permitted by the Act and consistent with the
Permissible Uses, as generally outlined in the Event Plan. The method and priority of funds to be
distributed shall be a determination made by the City in its sole discretion.
5. Economic Impact Studies.
The Ranch Sorting National Championships will, at their sole cost and expense, commission any
Economic Impact Studies for submission to the Comptroller pursuant to and in accordance with
the Act.
6. Repeal or Modification of the Act.
The provisions of this term sheet are based on the terms and conditions of the Act currently in
effect. Should the Act be repealed or modified in such a manner that the Event no longer qualifies
for distribution of the MT proceeds in the manner contemplated herein, this ter7n sheet shall
become voidable by either party upon receipt of written notice by the other party. If the Act is
modified during the Term of the Agreement and such modification materially affects the financial
OFFICIALRECORD �> - ; j Al 1 : 0 4 I
I
CITY SECRETARY
F'C, WORTH9TX
benefits of either party under the Agreement, the City and the Ranch Sorting National
Championships shall negotiate in good faith an amendment to the Agreement so that the original
intent of the parties is preserved to the greatest degree possible.
SIGNED on the P;72- day of grOgite 2013
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Approved as to form and legality:44tpp�
By:
Tyler P. allach
Assistant City Attorney
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Cf'fY OF FORT WORTH
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By:
Kirk N. Slaughter
Director of Public Events
Alanis
Assi s ant City Manager
RANCH OR ING NATIONAL CHAMPIONSHIPS (RSNC)
By: 7/ 7-ce-e>c-i-t/
wave Wolfe, Per sident
188628v6
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OFFICIAL RECORD
GIN SECRETARY
Ff. WORTH, TX
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